Leave a Legacy

Kevin Spafford is Farm Journal’s succession planning expert for the Farm Journal Legacy Project.He hosts the nationally-televised ‘Leave a Legacy’ TV, facilitates an ongoing series of workshops for farm families across the U.S., and is the author of Legacy by Design: Succession Planning for Agribusiness Owners.

Planning Secret #3: Overcome Obstacles

At some point in the succession planning process, each family will have to face and then devise solutions to five common challenges:

Equal versus fair

Active versus inactive

In-laws

Financial insecurity

The unknown

A succession plan must overcome these hurdles and provide solutions to the complex puzzles that plague family business owners. The succession planning process is designed first to distill concerns, draw them out into the light of day and then design solutions that everyone in the family can commit to.

Stll have questions? You can always Ask Kevin. (Don't worry... if your question is answered in print, your real name won't be used, and your situation will be modified a bit to ensure confidentiality.)